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Villa Ref: CY112
This quiet resort is situated midway between Paphos and Limassol making it the ideal location for those who wish to escape the crowds. This south-facing village, set high up on the hillside about 1,000ft above the sea, commands the most magnificent view of some 20 miles of Mediterranean


 
 From 223,674 €
 
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Financial Benefits
Cyprus joined the EU in May 2004 and since then the demand for property in Cyprus has continued to grow leading to property prices increasing by approximately 18% in the last year. A high degree of long-term investment has been proposed with the possibility of a number of golf courses, marinas and new airports, all of which will be subject to rigorous standards set by the relevant environmental agencies.
 
With Cyprus’ natural beauty intact and its future secured, there are many good reasons to invest in this part of the world. For those keen to get the most out of their hard earned money and for their families to share in it, it is comforting to know that there is no inheritance tax in Cyprus. In fact taxes on the whole are much lower. Whether you look to Cyprus for investment, a holiday home or retirement, you will discover an island steeped in history, culture and beauty that will become your home from home.
 
Tax
After deductions and allowances, the Cypriot rate of capital gains tax is 20%. Indexation relief is available and your legal fees can also be deducted. If you are going to sell a property in Cyprus (and it is your first sale), then you will also be entitled to an allowance of £11,350. This is a once-in-a-lifetime, non-transferable allowance. You will have to declare any profit made for British tax purposes. The annual capital gains allowance is currently £8,200 – but you should be able to claim a credit for all tax paid in Cyprus under the Britain-Cyprus double tax treaty.